The U.S. and Iran have agreed to extend their ceasefire for sixty days, according to Axios. The framework agreement, to be formally signed Friday in Switzerland, will reopen the Strait of Hormuz—a critical chokepoint handling roughly a fifth of global oil trade—and launch renewed nuclear negotiations. The deal also covers the Israel-Hezbollah ceasefire in Lebanon. It nearly collapsed this week when Israel struck Beirut, prompting Iranian threats to walk away, but U.S., Pakistani, and Qatari mediators kept both sides at the table. The U.S. will lift its naval blockade; Iran will open the strait and engage in nuclear talks over the next two months. If it holds, the agreement could ease global energy markets, though mine-clearing and infrastructure repairs may delay full reopening. The toughest part comes next: negotiating Iran's uranium enrichment and related sanctions relief within a 60-day window.

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